According to Glassnode, Bitcoin’s Bitcoin price discount on Coinbase relative to other markets reached its deepest level since February on a 30-day average, signaling weak spot demand in the U.S.
According to data Glassnode shared on November 13, the Coinbase premium remained negative throughout the decline that began after Bitcoin’s September peak. A negative reading indicates that Bitcoin is trading at a lower price on Coinbase than on the markets used for comparison. Glassnode interprets this gap as a sign of weakening buying demand in the U.S.
How did the Coinbase premium change during past rallies?
According to Glassnode, the strong rallies in 2024 and 2025 were accompanied by a positive Coinbase premium. Some of those rallies began after discounts as deep as the current one. The key distinction in the historical comparison is the discount before a rally versus the premium that returned during the rally. In Glassnode’s latest reading, however, the indicator’s 30-day average remains negative.
Not investment advice.